Monday, July 3, 2017
Property developer Anchor Land Holdings, Inc. (ALHI) reported that it’s on track to meet its 2020 recurring income target as it sets to launch more leasing-oriented projects.
“For the last two, three years, we’ve been increasing our investment for recurring properties,” Anchor Land vice chairman and chief executive officer Steve Li said in an interview after the company’s annual stockholder’s meeting. .
The company expects 15 to 20 percent of their total revenues by 2020 to come from recurring income.
In 2016, rental income comrpised 6% of Anchor Land’s revenues.
Anchor Land has around 77,567 sqm of leasable space currently under construction. Li says they intend to increase that to 168,000 sqm by 2020.
For 2017, Anchor Land is looking to also launch 3 projects this year. Among these are a warehouse in Binondo Manila, as well as Cosmo Suites, it’s maiden bedspacing project in Pasay City. Cosmo Suites is set to have less than 3,000 bedspaces.
“Cosmo Suites should be finished within three years. This will comprise twin-towers,” Li said.